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    Finance

    Posted By Global Banking and Finance Review

    Posted on February 27, 2025

    Featured image for article about Finance

    (This Feb. 27 story has been corrected to say Berenberg, not Jefferies, in paragraph 11)

    By Dimitri Rhodes

    (Reuters) - Belgian chemicals maker Syensqo said it was exploring a potential dual listing in the U.S. after it forecast softer than expected core profit for 2025 on Thursday.

    The company is pursuing the U.S. listing as it finalises the separation from Solvay after spinning off last year. The move would help it expand and enhance its investor base across the Atlantic, CEO Ilham Kadri said in a statement.

    "As we expect a major part of our future growth and investments to be in this strategically important region, it makes sense for us to explore a U.S. listing," Kadri said.

    In a call with journalists, she added that the possible listing was unconnected to U.S. President Donald Trump's trade policies, and that the company did not consider moving its headquarters to the United States.

    The Americas are Syensqo's largest business region, representing more than 40% of its sales and workforce, as well as being home to more than half its industrial footprint.

    "The U.S. is a significant portion of that," finance chief Christopher Davis said in the call.

    Syensqo said on Tuesday it would respond to U.S. trade tariffs with strategic measures and was evaluating shorter-term mitigation options, such as introducing a temporary surcharge to offset higher tariff-related costs.

    It did not provide further details on Wednesday.

    2025 GUIDANCE WEIGHS ON SHARES

    Shares of the speciality chemicals company fell 8.3% by 1023 GMT, dragged by the earnings guidance that landed below analysts' expectations.

    Syensqo sees operating earnings before depreciation and amortization (EBITDA) of at least 1.4 billion euros ($1.47 billion) this year, which would match last year's number.

    Analysts polled by the company were expecting the 2025 EBITDA to reach 1.47 billion euros, and Berenberg analyst Aron Ceccarelli said the first quarter aim of 298 million euros was "extremely weak".

    The company expects macroeconomic concerns and demand uncertainty to persist across most of its end markets this year.

    Meanwhile, it aims to accelerate value creation by divesting its oil & gas and aroma businesses, Kadri said in the statement.

    ($1 = 0.9545 euros)

    (Reporting by Dimitri Rhodes in Gdansk; Editing by Milla Nissi)

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